Hibbett Reports First Quarter Fiscal 2017 Results
May 20, 2016
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-
EPS increases 12% to
$1.22 Per Diluted Share - Gross Margin Improves vs. Prior Year
- Company Maintains Annual Guidance
First Quarter Results
Net sales for the 13-week
period ended
Gross profit was 37.2% of net sales for the 13-week period ended
Store operating, selling and administrative expenses were 19.9% of net
sales for the 13-week period ended
Net income for the 13-week period ended
For the quarter, Hibbett opened 17 new stores, expanded one high
performing store and closed eight underperforming stores, bringing the
store base to 1,053 in 33 states as of
Fiscal 2017 Outlook
The Company is maintaining its
guidance for the 52 weeks ending
Investor Conference Call and Simulcast
The Company will also provide an online Web simulcast and rebroadcast of
its first quarter Fiscal 2017 conference call. The live broadcast of
Hibbett’s quarterly conference call will be available online at www.hibbett.com
under Investor Relations on
A WARNING ABOUT FORWARD LOOKING STATEMENTS: Certain matters
discussed in this press release are “forward looking statements” as that
term is used in the Private Securities Litigation Reform Act of 1995.
Forward looking statements address future events, developments or
results and typically use words such as believe, anticipate, expect,
intend, plan, forecast, guidance, outlook, or estimate. For
example, our forward looking statements include statements regarding
earnings per diluted share, comparable store sales, product gross margin
rates and merchandising initiatives. Such statements are subject
to risks and uncertainties that could cause actual results to differ
materially, including economic conditions, industry trends, merchandise
trends, vendor relationships, customer demand, and competition. For
a discussion of these factors, as well as others which could affect our
business, you should carefully review our Annual Report and other
reports filed from time to time with the
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Unaudited Condensed Consolidated Statements of Operations | ||||||||
(Dollars in thousands, except per share amounts) | ||||||||
Thirteen Weeks Ended | ||||||||
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Net sales | $ | 282,092 | $ | 269,823 | ||||
Cost of goods sold, wholesale and logistics facility and store occupancy costs | 177,090 | 170,109 | ||||||
Gross profit | 105,002 | 99,714 | ||||||
Store operating, selling and administrative expenses | 56,061 | 51,769 | ||||||
Depreciation and amortization | 4,599 | 4,142 | ||||||
Operating income | 44,342 | 43,803 | ||||||
Interest expense, net | 65 | 70 | ||||||
Income before provision for income taxes | 44,277 | 43,733 | ||||||
Provision for income taxes | 16,371 | 16,325 | ||||||
Net income | $ | 27,906 | $ | 27,408 | ||||
Net income per common share: | ||||||||
Basic earnings per share | $ | 1.23 | $ | 1.10 | ||||
Diluted earnings per share | $ | 1.22 | $ | 1.09 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 22,780 | 24,860 | ||||||
Diluted | 22,947 | 25,069 | ||||||
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Unaudited Condensed Consolidated Balance Sheets | ||||||||
(In thousands) | ||||||||
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Assets | ||||||||
Cash and cash equivalents | $ | 73,415 | $ | 32,274 | ||||
Inventories, net | 251,841 | 283,099 | ||||||
Other current assets | 15,728 | 14,995 | ||||||
Total current assets | 340,984 | 330,368 | ||||||
Property and equipment, net | 103,446 | 101,389 | ||||||
Other assets | 8,522 | 10,615 | ||||||
Total assets | $ | 452,952 | $ | 442,372 | ||||
Liabilities and Stockholders’ Investment |
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Accounts payable | $ | 65,672 | $ | 88,456 | ||||
Short-term capital leases | 500 | 478 | ||||||
Accrued expenses | 27,011 | 16,256 | ||||||
Total current liabilities | 93,183 | 105,190 | ||||||
Non-current liabilities | 27,358 | 26,336 | ||||||
Stockholders’ investment |
332,411 | 310,846 | ||||||
Total liabilities and stockholders’ investment |
$ | 452,952 | $ | 442,372 | ||||
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Supplemental Information | ||||||||||
(Unaudited) | ||||||||||
Thirteen Weeks Ended | ||||||||||
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Sales Information |
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Net sales increase | 4.6 | % | 3.0 | % | ||||||
Comparable store sales (decrease) increase | 1.1 | % | -0.9 | % | ||||||
Store Count Information |
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Beginning of period | 1,044 | 988 | ||||||||
New stores opened | 17 | 15 | ||||||||
Stores closed | (8 | ) | (2 | ) | ||||||
End of period | 1,053 | 1,001 | ||||||||
Stores expanded | 1 | 3 | ||||||||
Estimated square footage at end of period (in thousands) | 6,019 | 5,724 | ||||||||
Balance Sheet Information |
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Average inventory per store | $ | 239,166 | $ | 233,125 | ||||||
Share Repurchase Program |
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Shares | 237,382 | 194,764 | ||||||||
Cost (in thousands) | $ | 8,316 | $ | 9,464 | ||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160520005077/en/
Senior Vice
President & Chief Financial Officer
Source: